LIOC December profits hurt by price controls

Lanka IOC PLC (LIOC), the unit of Indian Oil Corporation Limited has reported earnings of 48 cents a share for the October-December quarter against Rs.1.66 a share earned a year ago. 

Higher LPG prices, borrowings dent Laugfs December quarter

Diversified conglomerate, Laughs Gas PLC, saw its October-December quarter going into red while its nine months profits also falling sharply despite the top line recording gains, the interim results showed. 

Melstacorp profit slips over higher borrowings, bleeding telco

Melstacorp Limited, which houses Sri Lanka’s largest hard alcohol maker, reported earnings of Rs.1.34 per share or Rs.1.67 billion in net profits for the October-December quarter, down 7 percent from a year ago as finance costs and taxes rose sharply while the telecommunication unit weighed on the group performance. 

Unilever rejects US $143 bn Kraft Heinz bid as without merit

REUTERS: Unilever rejected a surprise US $143 billion takeover bid from U.S. food company Kraft Heinz Co on Friday, saying it saw no reason to discuss a deal which it said had no financial or strategic merit.

Nawaloka Hospitals 3Q profit falls as overheads, finance costs rise

Nawaloka Hospitals PLC, the Dharmadasa family-controlled medicare service provider, reported an earnings of 5 cents a share or Rs.72.4 million net profit for the October-December quarter, down 24 percent year-on-year (YoY) as the overheads rose, the interim results showed. 

Shares fall for 2nd day; banks lead

Sri Lankan shares declined in a shortened session yesterday, further moving away from a four-week closing high hit earlier in the week, as investors sold banking stocks amid concerns over rising market interest rates.

Sri Lanka’s largest property show opens

Sri Lanka’s largest real estate show ‘Lanka Property Show 2017’ was inaugurated yesterday by Megapolis and Western

FinMin marks birthday with eye clinic

A free eye clinic was held yesterday at the Finance Ministry to mark the birthday of Finance Minister Ravi Karunanayake. Spectacles were also distributed free among the staff of the Finance Ministry during the eye clinic. Finance Minister Ravi Karunanayake’s birthday falls tomorrow.

Samsung chief Lee arrested in corruption investigation

REUTERS: Samsung Group chief Jay Y. Lee was arrested yesterday, a South Korean court said, over his alleged role in a corruption scandal that led parliament to impeach President Park Geun-hye.

Oil-rich Ecuador votes at economic crossroads

AFP - Oil-rich Ecuador is at an economic and political crossroads in corruption-tainted general elections tomorrow.

Primal Glass 3Q boosted by production expansions

Sri Lanka’s sole glass bottle manufacturer Piramal Glass Ceylon PLC posted a net profit of Rs. 202.32 million for the quarter ended December 31, 2016 (3Q17), increasing 21.59 percent year-on-year (YoY) after conducting major production expansions in the previous quarter.

Asia stocks retreat after week-long Trump rally

AFP - Most Asian markets eased further yesterday as investors cashed out following a healthy run-up since last week, and after Wall Street’s Trump-fuelled surge finally came to an end.

NDB Toastmasters Club continues to raise the bar

National Development Bank PLC (NDB) initiated the NDB Toastmasters Club on October 31, 2013 and joined the Global Toastmasters fraternity.

Top retailers complete mastery programme hosted by 3WC and GRA

The first Retail Mastery Programme held in Sri Lanka came to a successful close on February 9th.  Organized by 3W Consulting, Sri Lanka’s leading Enterprise Renewal and Management Consultants, together with the Global Retail Academy (GRA), the 2-day programme took place at the Crystal Ballroom of Taj Samudra in Colombo. 

Prima Sunrise Bread concludes ‘Slices n’ Prizes’ promo

Prima Sunrise recently concluded its promotion – ‘Slices n’ Prizes’, which began on November 1 and ended on December 31, 2016. 

First-ever Typo Day event to kick off on February 23

Typo Day 2017, an event meant to explore the finer aspects of typography and calligraphy, will be held for the first time in Sri Lanka from February 23 to 25, 2017. 

Varun Beverages announces ‘Pepsimoji’ competition winners

Varun Beverages Lanka (Pvt.) Ltd announced the winners of the recently conducted popular ‘Pepsimoji’ competition, which attracted a record number of entries from across the island.  

Mobitel-Sirasa conclude Kotiyak Vatina Adahasak reality TV show

The national mobile service provider, Mobitel, together with Sirasa TV launched Sri Lanka’s first-ever technology-based innovation reality TV show Kotiyak Vatina Adahasak in July 2016 and the grand finale of the show was held recently, where the winner of the best technology innovation was selected.

NDB-British Council join to uplift standard of English teaching in Sri Lanka

National Development bank (NDB) joined hands for the fifth consecutive year with British Council to contribute towards enhancing the teaching skills of secondary English language teachers of government schools in order to uplift the standard of English teaching in Sri Lanka. 

PACE Institute, Pannipitiya leads way creating successful professionals

PACE Institute, Pannipitiya, a leading professional and higher education provider, has introduced a range of new courses, 

FinMin wants more SL-oriented monetary policy from CB

More ‘Sri Lankan-oriented’ monetary policy will be hitting the markets soon since Central Bank Governor Dr. Indrajit Coomaraswamy is now speaking the same language as he is, Finance Minister Ravi Karunanayake claimed yesterday.

SL sees balance of payments under pressure amid foreign outflows

REUTERS: Sri Lanka could face balance-of-payments pressure due to foreign outflows from government securities, a government document showed yesterday, even as the island nation is in the process of raising up to US$2.5 billion from foreign borrowing.

Tough December quarter for Softlogic as costs rise, business slows down

Diversified conglomerate, Softlogic Holdings PLC (SHL), continued to face headwinds from both within and outside as its October – December quarter performance was dented by weaker performance of its key business segments, the interim financial accounts of the company showed. 

Lion Brewery 3Q profit hit by factory closure, higher taxes

Lion Brewery Ceylon PLC saw its performance for the December (3Q17) quarter as well as for the nine months being hit by a series of factors— both natural and manmade, but the management forecasted for better days ahead for Sri Lanka’s largest brewer. 

J.L.Morison to invest US $ 13.5mn in new pharma research, manufacturing plant

J.L. Morison Son & Jones (Ceylon) PLC, the pharmaceutical manufacturing and marketing arm of diversified Hemas group said, it is investing US $ .13.5 million or over Rs.2 billion in constructing a new pharmaceutical manufacturing plant.

UPS partners with The Coffee Bean & Tea Leaf to launch country’s first ever retail UPS outlet

United Parcel Services (Pvt) Ltd.,(UPS) -Sri Lanka recently joined hands with The Coffee Bean & Tea Leaf, paving the way to the launch of the country’s first ever UPS retail outlet.

Kelani Cables wins National Quality Award for second time

Kelani Cables PLC that produces the number one secure electrical and communication cable in Sri Lanka was conferred with the National Quality Award for the second time.

Sponsorship for CIO Forum

Thilak Godamanna – Chairman Ninehearts group (center) exchange the MOU with Wasantha Weerakoon – Chairman Federation of Information Technology Industry Sri Lanka (extreme left) and Prabath Wickramaratne, Vice President of Computer Society of Sri Lankafor sponsor the 4th CIO Forum on Information Management to be held on March 1  

Caterpillar confers UTE with Silver Service Excellence certification

Caterpillar (CAT), the world’s leading manufacturer of construction equipment, recently conferred United Tractor & Equipment (Pvt.) Ltd (UTE), Sri Lanka’s leader in engineering solutions, 

NMK Group donates medical equipment to LRH for 35th anniversary

The social responsibility of NMK Group of Companies is to make a significant contribution towards building a strong and healthy nation. To achieve this objective, Marina has introduced to the market a wide range of safe and hygienic food products which ensures physical well-being, the company’s Chairman Manjula Narayana said.